New York Times Co. shares NYT, +1.40% rose 3.8% in premarket trade Wednesday, after the company beat earnings estimates for the third quarter and offered upbeat guidance. The newspaper group said it had net income of $54.7 million, or 32 cents a share, in the quarter, up from $33.6 million, or 20 cents a share, in the year0earlier period. Adjusted per-share earnings came to 23 cents, ahead of the 20 cents FactSet consensus. Revenue rose to $509.1 million from $426.9 million a year ago, also ahead of the $499 million FactSet consensus. CEO Meredith Kopit Levien said the company added 455,000 net new digital subscriptions in the quarter, and hit a milestone of more than one million international digital subscriptions. That boosted the total to more than 8.3 million across the company’s digital and print products. Subscription revenue rose 13.8% to $342.6 million, ad revenues rose 39.9% to $110.9 million and other revenue rose 19.1% to $55.6 million. Total revenues were up 18.8% compared with the third quarter of 2019, before the outbreak of the pandemic. Digital ad revenue rose 40.2% and print ad revenue rose 39.4%. Total operating costs rose 18.8% to $460.1 million. The company is now expecting fourth-quarter subscription revenue to climb about 12% and for digital-only subscription revenue to rise abut 25%. Ad and digital ad revenue are expected to rise in the mid-teens. Shares have gained about 8% in the year to date, while the S&P 500 SPX, +0.37% has gained 23%.
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